BDO has confirmed it is advising Perpetual Altruism, the group behind the upcoming Cryptograph platform, in a bid to “further enhance” its credentials in the tech sector.
The accountancy and business advisory firm said that Cryptograph will feature digital art and memorabilia, and look to become a market leader in blockchain-based artwork and collectibles.
Each Cryptograph piece is sold at auction and later traded by collectors on the platform’s secondary market, with each transaction raising money for charity.
Blockchain technology will ensure that each Cryptograph is owned in full by the purchaser, and cannot be forged or destroyed.
BDO advised the business on structuring, tax and accounting, as well as how to “navigate the evolving accounting and regulatory landscape of the cryptocurrency world”.
The firm’s team was led by tax partner David Britton, who has been advising start-ups, challenger banks, fintechs and more recently crypto asset clients over the past 20 years.
Britton was supported by audit partner David Butcher from BDO’s technology team.
Britton said: “New and innovative digital business models often pose unique tax and structuring challenges and the Cryptograph platform was no exception.
“We worked closely with the founding team to help bring their vision to life, from the recognition, holding and ownership of crypto assets, the structure of the charitable donations, the treatment of auction incentives and the corporation and operational tax treatment of Perpetual Altruism.”
He added: “We wish the company every success on the launch of the Cryptograph platform and we look forward to supporting the team on future innovations.”
Edouard Bessire, one of the founders of Cryptograph said: “We are very grateful to BDO who have been instrumental in helping us to develop and structure a sustainable philanthropic business model that uses the power of blockchain technology.
“The launch of the Cryptograph platform is an important step in the new digital ownership revolution which we hope will help bring greater trust and transparency to the crypto industry and lead to further mainstream adoption of blockchain.”